SECTION 3. TRANSACTIONS NO

LONGER CONSIDERED TO BE LISTED TRANSACTIONS

Transactions that are the same as, or substantially similar to, transactions described in the list below will no longer be

considered listed transactions for purposes of §§ 1.6011–4(b)(2), 301.6111–2(b)(2) and 301.6112–1(b)(2). No inference is intended, however, as to whether such transactions are otherwise subject to the disclosure requirements of § 6011, the registration requirements of § 6111, or the list maintenance requirements of § 6112.

(1) Transactions described in Part II of Notice 98–5, 1998–1 C.B. 334 (transactions in which the reasonably expected economic profit is insubstantial in comparison to the value of the expected foreign tax credits (identified as “listed transactions” on February 28, 2000)). Notice 2004–19, 2004–11 I.R.B. 606, withdrew Notice 98–5. Effective for taxable years for which the due date of the return (including extensions, whether or not actually requested) is after February 17, 2004, transactions will not be considered listed transactions for purposes of §§ 1.6011–4(b)(2) and 301.6112–1(b)(2) solely because they are the same as or substantially similar to the transactions or arrangements described in Part II of Notice 98–5. In addition, for offers made after February 17, 2004, transactions will not be considered listed transactions for purposes of § 301.6111–2(b)(2) solely because they are the same as or substantially similar to the transactions or arrangements described in Part II of Notice 98–5.

(2) Transactions described in Notice 2002–70, 2002–2 C.B. 765 (transactions involving reinsurance arrangements between a taxpayer and the taxpayer’s own reinsurance company that is subject to little or no federal income tax (identified

NOTE: This revenue procedure will be reprinted as the next revision of IRS Publication 1179, General Rules and Specifications

for Substitute Forms 1096, 1098, 1099, 5498, W-2G, and 1042-S .

26 CFR 601.602: Forms and instructions. (Also Part 1, Sections 220, 408, 408A, 529, 530(h), 1441, 6041, 6041A, 6042, 6043, 6044, 6045, 6047, 6049, 6050A, 6050B, 6050D, 6050E, 6050H, 6050J, 6050N, 6050P, 6050Q, 6050R, 6050S, 1.408-5, 1.408-7, 1.408A-7, 1.1441-1 through 1.1441-5, 1.6041-1, 7.6041-1, 1.6042-2, 1.6042-4, 1.6044-2, 1.6044-5, 1.6045-1, 5f.6045-1, 1.6045-2, 1.6045-4, 1.6047-1, 1.6049-4, 1.6049-6, 1.6049-7, 1.6050A-1, 1.6050B-1, 1.6050D-1, 1.6050E-1, 1.6050H-1, 1.6050H-2, 1.6050J-1T, 1.6050N-1, 1.6050P-1).